TITLE
Recommendation to declare the City-owned property located at 227 Elm Avenue as surplus, authorize City Manager, or designee, to execute any and all documents necessary, including a Purchase and Sale Agreement (PSA) with CV Communities, LLC, a Delaware limited liability company (Buyer), for the sale of the property in the amount of $1,325,000, and accept Categorical Exemption CE 14-045. (District 2)
DISCUSSION
The City of Long Beach currently owns the property located at the northwest corner of Broadway and Elm Avenue, also known as 227 Elm Avenue, Assessor Parcel Numbers 7281-017-900 (portion), 7281-017-901 and a portion of Maple Way from Alamo Court to Elm Boulevard (Site) (Attachment). The Site contains approximately 31,500 square feet and is currently being utilized as a surface parking lot. The City and the former Redevelopment Agency (Agency) of the City of Long Beach were in pre-existing and near-final discussions with CV Communities, LLC, for the purchase and development of the Site and the adjoining Agency property at the time of the Agency’s dissolution. CV Communities, LLC, has expressed an interest in proceeding with the purchase of the Site from the City for $1,325,000, the fair market value of the property as determined by an independent appraisal. The Site will be developed as a market rate, for sale residential project, consistent with the vision and intent of the Downtown Plan.
In compliance with Government Code Section 54220 (Chapter 621, Statutes of 1968), on March 29, 2014, staff notified the State of California (State) that the City was declaring its property located at 227 Elm Avenue as surplus. Further, in accordance with past practice, a memorandum was circulated to all City Departments to determine their interest in or objection to declaring this parcel surplus. To date, neither the State nor any City Department has expressed an interest or objection. A Categorical Exemption, CE 14-045 was completed related to the propos...
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